The month of Might has been particularly bearish for the cryptocurrency market. Whereas just a few altcoins have elevated, Bitcoin (BTC) decreased by a full 31%. The dip was accentuated by one of many sharpest ever falls on Might 19.
The ten altcoins that elevated probably the most in Might are:
TEL is a decentralized cryptocurrency primarily based on the Ethereum (ETH) blockchain. It goals to attach the cryptocurrency and telecommunication industries. Its objective is to have the ability to ship cell cash instantaneously at a really low price.
Contemplating its concentrate on the remittance markets, it’s focusing on a mean price of 2% per transaction.
TEL had been following a descending resistance line (dashed) since Might 4 when it reached an all-time excessive worth of $0.0649. It broke out above this line on Might 25.
It’s now returned to validate an ascending assist line in place since Might 19 when TEL created a bullish hammer candlestick.
MATIC is a platform designed for scaling and constructing on Ethereum (ETH). With the continued success of decentralized purposes (dApps), the present ecosystem is having difficulties in maintaining with the scaling demand. This has led to excessive fuel charges and gradual block confirmations.
MATIC combines options of the Ethereum blockchain as a way to create a multi-chain system. Due to this fact, it will possibly sort out the problems of gradual speeds and fuel charges with out relinquishing safety.
The system is just like different multi-chain programs reminiscent of Cosmos (ATOM), Avalanche (AVAX), and Polkadot (DOT), but in addition advantages from the Ethereum community.
MATIC reached a low of $0.74 on Might 23 and started an upward motion, which seems to be to be the start of a brand new bullish impulse. Along with this, MATIC has damaged out from a descending resistance line.
At present, it’s very near the $1.59 assist degree which is created by:
Ethereum Basic (ETC)
ETC is the unique Ethereum chain that was first launched in 2016. After a hack on the community, there have been completely different opinions on learn how to deal with the response — whether or not the blockchain ought to be reverted or not was the principle motive for the disagreement.
It’s additionally one of many funding funds used by Grayscale.
ETC has been falling since Might 6. On the time, it reached an all-time excessive worth of $176. The lower validated the earlier all-time excessive resistance space of $44.50 as assist.
After this validation, ETC started to maneuver upwards once more.
iExec RLC (RLC)
iExec is a supplier of decentralized computing. It makes use of blockchain know-how as a way to create a marketplace for the monetization of computing energy. As well as, it helps purposes in numerous fields, reminiscent of synthetic intelligence, healthcare, and massive knowledge. Moreover, it gives dApps with simple and safe entry to servers.
The community is made up of computing useful resource suppliers. These suppliers obtain the native token, RLC, as a reward for his or her contributions.
RLC has doubtlessly created a triple backside sample on the $4.50 assist space. The primary two touches had lengthy decrease wicks — an indication of shopping for strain.
A breakout from the descending resistance line would probably verify the bullish sample.
Atletico De Madrid Fan Token (ATM)
Fan tokens are used on the Socios fan engagement platform. They permit holders to affect their favourite golf equipment’ choices, by offering entry to a ledger with voting rights. ATM is the official fan token for Atletico Madrid.
The token has been consolidating in a variety between $15-$21 since Might 23. As well as, there’s a potential symmetrical triangle in place.
EOS is a platform that allows builders to create dApps, created in 2018.
The native token is EOS, which permits holders to vote in quite a few conditions, reminiscent of protocol upgrades.
EOS elevated throughout the interval of Might 23-27, reaching a neighborhood excessive of $7.67. It’s at the moment retracing, approaching the principle assist space between $5.12-$5.60.
Celsius is a monetary companies and banking platform designed for cryptocurrency customers. It was created in June 2018. The native token for the platform is CEL.
Compared to conventional monetary establishments, Celsius affords a lot larger charges of return on each deposits and financial savings. Moreover, it has extra lenient necessities for loans.
CEL is buying and selling inside a symmetrical triangle. It has been doing so since April 9 and has validated each the resistance and assist traces. The symmetrical triangle is taken into account a impartial sample.
Technical indicators are additionally impartial. The RSI is crossing above and beneath 50 whereas the MACD is on the 0 line.
Furthermore, the platform permits builders to code their very own dApps and sensible contracts via the usage of mainstream software program. Consequently, this might result in mainstream programmability, opening the doorways for mass adoption by non-blockchain programmers.
The native token is CTSI and has a use case in each dApps and staking.
CTSI has been following a descendingsupport line since Feb. 21. It touched this line for the fifth time on Might 19 and initiated the present bounce.
On Might 20, it created a bullish engulfing candlestick.
DOGE is a cryptocurrency primarily based on the “doge” meme. Whereas it started as a joke, it began to realize reputation with celebrities, reminiscent of Elon Musk resulting in a major improve. Nevertheless, its important use case to this point has been for rewarding useful posts in on-line communities reminiscent of Reddit.
DOGE started to lower alongside a descending resistance line on Might 7. This led to a neighborhood low of $0.211 on Might 19.
Nevertheless, an upward motion adopted and DOGE managed to interrupt out on Might 26. At present, it’s making an attempt to provoke a rally above the $0.30 assist space.
Ethereum is a decentralized, open-source blockchain. It’s used as a platform for quite a few completely different cryptocurrencies which use the ERC-20 compatibility customary. Some in style tokens constructed on the ETH blockchain are Chainlink (LINK), Aave (AAVE), and Yearn.Finance (YFI).
Moreover, ETH permits for the development of dApps and the execution of sensible contracts.
ETH has been falling since reaching an all-time excessive slightly below $4,400 on Might 12. Nevertheless, the lower got here to an finish on Might 23.
At present, ETH is making an attempt to create a better low after being rejected by the 0.5 Fib retracement resistance degree.
For the top-10 altcoins in April, click here.